DEBT AND FINANCING OBLIGATIONS

3 Months Ended

Aug. 27, 2023

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS

9.   DEBT AND FINANCING OBLIGATIONS

The components of our debt, including financing obligations, were as follows:

(in millions)	August 27, 2023				May 28, 2023
		Amount	Interest Rate			Amount	Interest Rate
Short-term borrowings:
U.S. revolving credit facility	$	—	—	%	$	—	7.710	%
Euro revolving credit facility		124.2	4.523			149.2	4.230
Other credit facilities		19.4	(a)			11.4	(a)
		143.6				160.6
Long-term debt:
Term A-1 loan facility, due June 2026 (b)		240.0	7.133			243.8	5.210
Term A-2 loan facility, due April 2025 (b)		276.2	7.133			280.3	5.380
Term A-3 loan facility, due January 2030 (b)		444.4	7.283			450.0	6.850
RMB loan facility, due February 2027		106.7	4.546			94.7	4.600
Euro loan facility, due December 2024		81.0	3.920			80.4	2.010
4.875% senior notes, due May 2028		500.0	4.875			500.0	4.875
4.125% senior notes, due January 2030		970.0	4.125			970.0	4.125
4.375% senior notes, due January 2032		700.0	4.375			700.0	4.375
		3,318.3				3,319.2
Financing obligations:
Lease financing obligations due on various dates through 2040		7.4				7.7
Total debt and financing obligations		3,469.3				3,487.5
Debt issuance costs and debt discounts (c)		(24.9)				(25.3)
Short-term borrowings, net of debt discounts		(140.8)				(158.5)
Current portion of long-term debt and financing obligations		(55.1)				(55.3)
Long-term debt and financing obligations, excluding current portion	$	3,248.5			$	3,248.4

(a) Other credit facilities consist of several short-term facilities at one of our subsidiaries used for working capital needs and have various interest rates.

(b) The interest rates on the Term A-1, A-2, and A-3 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under all three term loan facilities.

(c) Excludes debt issuance costs of $2.3 million and $2.5 million as of August 27, 2023 and May 28, 2023, respectively, related to our U.S. revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets.

As of August 27, 2023, we had no borrowings outstanding under our U.S. revolving credit facility and $994.6 million of availability under the facility, which is net of outstanding letters of credit of $5.4 million.

For the thirteen weeks ended August 27, 2023 and August 28, 2022, we paid $56.9 million and $56.8 million of interest on debt, respectively.

For more information about our debt and financing obligations, interest rates, and debt covenants, see Note 8, Debt and Financing Obligations, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.